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Developer contained in this Agreement and the other Loan Documents shall be correct as of the <br />Close of Escrow as though made on and as of that date, and if requested by the City Project <br />Manager, City shall have received a certificate to that effect signed by Developer's <br />Representative. <br />f No Default. No Event of Default by Developer shall have occurred, and no <br />event shall have occurred which, with the giving of notice or the passage of time or both, would <br />constitute an Event of Default by Developer under this Agreement, and if requested by the City <br />Project Manager, City shall have received a certificate to that effect signed by Developer's <br />Representative. <br />6.2 Disbursement Procedures for Loan(s). <br />The City Loan proceeds shall be disbursed through Escrow to finance the acquisition and soft costs <br />of the Project Budget (as evidenced in Exhibit E). The City Loan proceeds shall not be used for any <br />purpose other than for acquisition and soft costs related to the development of the Project (costs all <br />subject to City's prior review). <br />6.3 Termination for Failure of Condition. If (a) any of the conditions set forth <br />herein are not timely satisfied (subject to applicable notice and cure rights) or waived by the City <br />Project Manager, and (b) City is not in default under this Agreement, City may terminate this <br />Agreement without any further liability on its part by giving written notice of termination to <br />Developer. Upon the giving of such notice, all principal, interest and other amounts owing under <br />the specified due date. <br />6.4 Other Terms and Conditions of City Loan. <br />a. The City Promissory Note shall become immediately due and payable, in the <br />event of any of the following: <br />(1) failure to complete the Project within four (4) years of the recording date <br />tuiless such time is extended by written consent of the City Project Manager <br />which shall not be unreasonable withheld; <br />(2) Developer fails to show diligence in obtaining financing for construction <br />which shall not be unreasonable withheld if unsuccessful in obtaining tax <br />credits; <br />(3) violation of any of the use covenants and restrictions contained in this <br />Agreement after the expiration of any applicable notice and cure periods; <br />(4) an Event of Default by Developer which is not timely cured after <br />expiration of any applicable notice and cure periods pursuant to the terms of <br />this Agreement. <br />13 <br />1076 \53 \1389382.1 <br />